SINGAPORE (June 5): In response to SGX queries on Wednesday (June 3) on the independent auditor assessment of Material Uncertainty Related to Going Concern in its audit report, KrisEnergy says that it is “confident” that the company’s major stakeholders will continue to support the company, and that there is “reasonable likelihood” that its debt restructuring can be “successfully achieved”.
The upstream oil & gas (O&G) company, which has been under a restructuring process since 2016, made the announcement through an SGX filing on Friday. Trading of the company’s shares has been suspended since Aug 14, 2019.
On its Cambodia Block A development, KrisEnergy is equally “confident” that its credit facility agreement amounting to some US$87 million (S$121.7 million) with Keppel Corporation’s subsidiary Kepinvest Singapore, will remain unchanged.
Keppel Corp shares closed 3 cents higher, or 0.5% up, at $6.30.
